A smartwatch boom seems to be going on. Besides smaller companies debuting new wrist technology, the tech giants are also grabbing for a piece of the pie.

Google is the newest company to supposedly be stepping into the watch world. According to The Financial Times, Google's smartwatch is allegedly being developed by the company's Android unit rather than its X Lab.

This is telling because it means that, unlike Google Glass, the company may be looking to get a consumer product out to users on a speedier timeline.

According to The Financial Times, Google filed a patent application for a "smart watch" in 2011. Apparently, the patent has a dual-screened display and a interactive user interface.

A Google spokesperson declined to comment on a possible upcoming smartwatch when contacted by CNET.

Updated March 22 at 11:05 a.m. PTto say Google declined to comment.

Inside Scoop: The watch wars are starting to tick

In this Inside Scoop, CNET's Kara Tsuboi and Josh Lowensohn discuss the revival of smartwatches. Major manufacturers like Samsung have announced they're getting into the game with rumors that Apple might be soon to follow. Hear what these watches are designed to do, how they can be successful, and the target price point.